Panama: Market for Tennis, Badminton Or Similar Rackets 2024

Market Size for Tennis, Badminton Or Similar Rackets in Panama

In 2022, the Panamanian tennis and badminton rackets market increased by 150% to $X for the first time since 2017, thus ending a four-year declining trend. In general, consumption enjoyed a buoyant increase. Over the period under review, the market attained the maximum level at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Exports of Tennis, Badminton Or Similar Rackets

Exports from Panama

In 2022, overseas shipments of tennis, badminton or similar rackets decreased by -59.8% to X units, falling for the sixth consecutive year after three years of growth. In general, exports recorded a dramatic contraction. The growth pace was the most rapid in 2015 when exports increased by 267% against the previous year. Over the period under review, the exports hit record highs at X units in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, tennis and badminton rackets exports shrank markedly to $X in 2022. Overall, exports saw a precipitous setback. The most prominent rate of growth was recorded in 2015 when exports increased by 276% against the previous year. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

Colombia (X units), Cuba (X units) and Guatemala (X units) were the main destinations of tennis and badminton rackets exports from Panama, with a combined 42% share of total exports. Ecuador, Honduras, Venezuela, Costa Rica, El Salvador, the Dominican Republic, Suriname, the United States, British Indian Ocean Territory and Jamaica lagged somewhat behind, together accounting for a further 32%.

From 2012 to 2022, the biggest increases were recorded for El Salvador (with a CAGR of +14.9%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, the largest markets for tennis and badminton rackets exported from Panama were Colombia ($X), Cuba ($X) and Ecuador ($X), with a combined 47% share of total exports. Venezuela, El Salvador, Guatemala, the Dominican Republic, Honduras, Costa Rica, the United States, British Indian Ocean Territory, Jamaica and Suriname lagged somewhat behind, together accounting for a further 26%.

In terms of the main countries of destination, El Salvador, with a CAGR of +12.8%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average tennis and badminton rackets export price stood at $X per unit in 2022, picking up by 4.8% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the average export price increased by 18%. Over the period under review, the average export prices hit record highs at $X per unit in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Cuba ($X per unit), while the average price for exports to Suriname ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Jamaica (+6.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Tennis, Badminton Or Similar Rackets

Imports into Panama

In 2022, supplies from abroad of tennis, badminton or similar rackets was finally on the rise to reach X units after four years of decline. In general, imports enjoyed a slight expansion. Over the period under review, imports hit record highs at X units in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, tennis and badminton rackets imports soared to $X in 2022. Over the period under review, imports saw a noticeable increase. The most prominent rate of growth was recorded in 2017 with an increase of 160%. As a result, imports reached the peak of $X. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest tennis and badminton rackets supplier to Panama, with a 36% share of total imports. Moreover, tennis and badminton rackets imports from China exceeded the figures recorded by the second-largest supplier, Free Zones (X units), threefold. The third position in this ranking was held by Vietnam (X units), with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Free Zones (+74.9% per year) and Vietnam (+42.7% per year).

In value terms, China ($X), Vietnam ($X) and Free Zones ($X) constituted the largest tennis and badminton rackets suppliers to Panama, together accounting for 70% of total imports. Hong Kong SAR, Spain, the United States, Portugal, Sweden and Pakistan lagged somewhat behind, together comprising a further 19%.

Among the main suppliers, Portugal, with a CAGR of +432.7%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average tennis and badminton rackets import price amounted to $X per unit, which is down by -20.9% against the previous year. Overall, import price indicated noticeable growth from 2012 to 2022: its price increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2020 when the average import price increased by 41%. The import price peaked at $X per unit in 2021, and then reduced dramatically in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Pakistan ($X per unit), while the price for Sweden ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Pakistan (+16.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform